Use the following balance sheets and income statement for this question All numbers are in...

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Finance

Use the following balance sheets and income statement for this question

All numbers are in million dollars

Balance Sheets YUMS Inc.

2019

2018

2019

2018

Cash and cash equivalents

1,148.1

1,164

Account payables

540

282.6

Short term investment sec.

902.6

285.7

Accrued expenses

1,086.5

1,082.4

Account receivables

386.5

302.7

Notes payables

449.3

414.1

Inventories

965.8

543.3

Long-term debt

549.5

549.4

Other receivables

391.9

460.7

Other long-term debt

347.8

375.1

Total Current Assets

3,794.9

2,756.4

Total liabilities

2,973.1

2,703.6

Net Property Plants (Net PPE)

2,355

2,416.5

Common stock+paid in cap.

40.1

40.1

Other long-term assets

1,210.5

1,213

Retained earnings

4,347.2

3,642.2

Total Assets

7,360.4

6,385.9

Total liab + Equity

7,360.4

6,385.9

Income Statements YUMS Inc.

2019

2018

Net sales

11,700.4

10,707.4

Cost of sales

9,016.4

8,303.2

Selling & admin. expense

636.1

622.5

Depreciation expense

523.3

510.4

Operating Income

1,524.6

1,271.3

Interest expense

-33.3

-32.7

Interest income

319.8

198.4

Earnings before income tax

1,811.1

1,437

Income taxes

543.33

431.1

Net earnings

1,267.77

1,005.9

Total dividend payment

705.00

560.00

Calculate the firm's Free Cash Flow during 2019 and explain the meaning of your calculated free cash flow to YUMS investors.

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